Heat the olive oil in a large pot or Dutch oven over medium heat.
Add the diced onion and minced garlic, cooking until softened and fragrant, about 3 minutes.
Stir in the ground beef, breaking it apart with a wooden spoon. Cook until browned, about 5-7 minutes, and drain any excess fat if necessary.
Add the diced green, red, and yellow bell peppers to the pot, cooking for another 5 minutes until they soften.
Pour in the diced tomatoes with their juices and the beef broth, stirring to combine.
Add the uncooked rice, Italian seasoning, paprika, salt, and pepper. Bring the soup to a boil, then reduce the heat to low and cover.
Simmer for 20 minutes, or until the rice is cooked and the flavors meld together.
Taste and adjust seasoning as needed.
Serve hot, topped with shredded cheddar cheese and garnished with fresh parsley or basil if desired.